Metal shares dip, JSPL plunges 9%

BSE 09 Dec 16 | 04:01 PM

74.25

1.15 (1.57%)

NSE 09 Dec 16 | 03:59 PM

74.20

1.1 (1.5%)

Shares of metal companies are under pressure on the bourses with most of the frontline stocks trading lower by 3-9% on the Bombay Stock Exchange. The BSE metal index, the largest loser among sectoral indices, has dipped 3.5% or 352 points as compared to less than 1% fall in benchmark Sensex.

Jindal Steel and Power (JSPL) has tanked 9% at Rs 343, its lowest level since May 2009 on back of almost two-fold jump in trading volumes. A combined 3.93 million shares have changed hands on the counter so far, against an average around two million shares that were traded daily in past two weeks. The stock have plunged 16% in past three trading sessions on the BSE.

Meanwhile, the latest data showed a 5.4% decline in profit from China's major industrial enterprises for July compared to the year-ago period. China is the world's largest consumer of copper and aluminum.